David Kalsang's cell phone distribution company, Malamal Inc., sought to expand its export operation in Asia. Frustrated with the application and approval process at a major bank, Kalsang approached Biz2Credit to help him get funding to expand his operation in India, where he expects big demand for 3G equipment (PDAs and handsets).
As an immigrant running a start-up company, Kalsang had difficulty securing a line of credit. Biz2credit helped him secure $50,000 line of credit from Sovereign Bank. He is now in the process of applying for additional $250,000 funding. With the infusion of capital, Kalsang has been able to travel back and forth to India for business meetings, expanded his office, and hired three new sales people. Biz2Credit also was able to put him in touch with two new key distributors in India. The result: Malamal has tripled its growth in the past year and hopes that the success will continue in 2011.
As Deepak said, "The speed was exceptional. I was able to get a loan in 24 hours, and I took ownership of the business the very next day."
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"Biz2Credit was the biggest, biggest part of my success here. Biz2Credit came in like a lifesaver," she said
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"The turnaround time for funding was quick with Biz2Credit," Raza told us. "As soon as they got our information we had a decision - there was no waiting period like I experienced with other lenders."
Raza and David Bolos